S.C. Code Regs. § § 89-190

Current through Register Vol. 48, No. 10, October 25, 2024

Section 89-190 - Requirements and Procedures for Handling Surety Bonds or Other Securities

A. The Department will deposit registered securities, certificates of deposit, passbooks for the assignment of a savings account with the State Treasurer's Office.

B. Interest, rents or dividends payable on such securities or accounts shall accrue to the interest of, shall be paid to, or shall be withdrawn or collected by the operator.

C. Prior to posting registered securities as a reclamation bond, and at least annually thereafter, the Department shall require the operator to have a Securities Analyst conduct an evaluation of the financial performance of the underlying entity.

D. The Department will place cash deposits in an escrow account, non-interest bearing to the operator, with the State Treasurer.

S.C. Code Regs. § 89-190